Rolling Over Debt

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  • February 12, 2015 at 5:43 am #21391
    starsmodelmgmt
    Member

    If we have over $5,000 in debt and roll it over, would this mean we now have $10,000 in debt plus interest? ALso wouldn’t this mean it would double the interst rate as well?

    February 12, 2015 at 1:06 pm #21392
    jmherbener
    Participant

    Rolling over debt means that an equivalent amount of new debt is taken out when old debt is paid off. So if a person rolls over $5,000 in debt, his total debt remains at its previous level.

    February 15, 2015 at 6:03 pm #21393
    starsmodelmgmt
    Member

    Thank you Professor.

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